Quilvest Capital Partners Management LLC

Item 5 – Fees and Compensation

A.      A management fee is paid by each of the Quilvest Capital Partners Funds directly to certain
Quilvest Affiliates. Certain of the Quilvest Capital Partners Funds also pay a management fee to QCP AM
for services associated with QCP AM’s status as the AIFM under the Alternative Investment Fund
Managers Directive (“AIFMD”) per European Union Law. Certain of the Quilvest Clients will pay their
respective management fees directly to the Firm.

A management fee is paid by the SBIC Clients directly to Quilvest USA. The management fee paid by the
SBIC Clients is disclosed in the associated Governing Documents.

B.      Quilvest Affiliates deduct the management fees directly from the Quilvest Capital Partners Funds,
generally on a quarterly basis. The general partners of the SBIC Clients pay the quarterly management fee
directly from the SBIC Clients’ bank accounts to Quilvest USA. The Firm receives certain expense
reimbursements from Quilvest Capital Partners for administrative and advisory services provided by the
Firm to the Quilvest Capital Partners Funds.

C.      Quilvest USA, when acting as lead adviser, receives monitoring fees, organization fees, set-up fees,
financial advisory fees or other similar fees from certain of the Quilvest Capital Partners Funds’ underlying
portfolio companies. These amounts are not subject to offset against the management fee or otherwise
and are retained by Quilvest USA. Furthermore, Quilvest USA and the Quilvest Capital Partners Funds will
generally bear their own expenses. Expenses the Quilvest Capital Partners Funds typically incur generally
include but are not limited to: investment expenses (e.g., interest expenses, consulting and other
professional fees relating to particular investments, research related expenses and travel expenses
incurred in connection with due diligence and monitoring), legal expenses, systems and technology
expenses, audit and tax preparation expenses, organizational expenses, taxes, interest and other financial
expenses, regulatory registration expenses, banking and custodian expenses, expenses relating to the
offer and sale of interests in the Quilvest Capital Partners Funds and extraordinary expenses, and expenses
related to services performed by the administrator including the preparation of the financial statements
and investor reporting. The Firm generally bears all the expenses attributable to broken deals unless
otherwise stated in the Governing Documents. Certain third-party expenses attributable to broken deals
may have been discounted (for example, from standard hourly rates), whereas such third-party expenses
in connection with transactions that have been consummated are paid by the Quilvest Capital Partners
Funds and may have been charged at a premium. The Quilvest Capital Partners Funds’ Governing
Documents provide a more detailed description of the expenses borne by the Quilvest Capital Partners
Funds.

Quilvest USA and certain of the Quilvest Affiliates from time to time receive monitoring fees, organization
fees, set-up fees, financial advisory fees or other similar fees from the SBIC Clients or the SBIC Clients’
underlying portfolio companies. Such fees are offset, in accordance with SBA regulations, against the
management fee paid from the SBIC Clients to Quilvest USA. Similarly, any break-up fees in connection
with a prospective investment by the SBIC Clients will also offset the management fee paid to Quilvest
USA. Quilvest USA will generally bear the SBIC Clients’ normal day-to-day operating expenses, including,
but not limited to, Quilvest USA employee salaries, office space and computer equipment. Expenses to be
borne by the SBIC Clients include, but are not limited to: the accounting fees, costs and expenses of the
SBIC Clients, including, without limitation, the annual audit of the SBIC Clients, the preparation of the
annual and any interim financial statements of the SBIC Clients, the federal and state tax returns of the

SBIC Clients and K-1s; examination fees payable to SBA; taxes payable by the SBIC Clients; management
fees; costs and expenses associated with meetings of the limited partners of the SBIC Clients,
communications with limited partners and preparation of status reports; costs and expenses associated
with meetings of limited partners with the general partner and of committees of the SBIC Clients, including
costs and expenses of the limited partner advisory board; indemnification costs and expenses, and the
legal fees, costs and expenses of counsel for the SBIC Clients in any legal action, proceeding or
investigation, including any threatened action, proceeding or investigation, and the amount of any
judgments or settlements paid in connection with such action, proceeding or investigation; the legal and
other fees, costs and expenses of and incidental to the purchase and sale securities, including for
transactions not consummated, to the extent that such fees, costs and expenses are not paid by the SBIC
Clients’ portfolio companies or others; all other legal fees, costs and expenses incident to the SBIC Clients,
its management and activities; organization expenses (not to exceed certain thresholds); interest and
other expenses relating to any indebtedness; dues payable to trade associations; bonding expenses;
premiums for insurance protecting the SBIC Clients and the partners and employees of the general
partner, Quilvest USA and the SBIC Clients and other persons entitled to indemnification from the SBIC
Clients from liabilities to third parties for activities on behalf of the SBIC Clients; fees incurred by the SBIC
Clients for third party special advisory services provided by persons who are not affiliates of the general
partner or Quilvest USA; securities filing fees; SBA commitment, reservation, custodian and other fees;
and fees and expenses incurred in connection with reserving, using or repaying SBA Leverage. The
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Item 7 – Types of Clients

As described in Item 4 of this Brochure, with the exception of QSCS II, L.P., which provides discretionary
investment advisory services, the Firm provides non-discretionary investment advisory services to certain
pooled investment vehicles, which include the Quilvest Capital Partners Funds. QCP AM or certain Quilvest
Affiliates, as relevant for each Quilvest Capital Partners Fund, ultimately makes investment advisory
decisions for and manages the Quilvest Capital Partners Funds. Certain Quilvest employees invest in the
Quilvest Capital Partners Funds. The Firm provides non- discretionary investment advice to certain
Quilvest Affiliates with respect to certain direct investments made by Quilvest Clients in companies where
the investment involves North American assets. The Firm does not offer advisory services to the general
public.

The Governing Documents of certain of the Quilvest Capital Partners Funds describe any minimum
investment required for such Quilvest Capital Partners Fund. As provided for in such Quilvest Capital
Partners Funds’ Governing Documents and as a general matter, the general partner of each Quilvest
Capital Partners Fund has the right to waive the minimum investment commitment.

As previously described in Item 4 of this Brochure, in addition to the discretionary investment advisory
services provided to QSCS II by QSCS II, L.P., Quilvest USA also provides non-discretionary investment
advisory services to the SBIC Clients, which are licensed as a Small Business Investment Company under
the SBA, subject to additional regulatory mandates as required by the United States for all Small Business
Investment Companies.

The SBIC Clients Governing Documents require that its investors contribute at least $1 million toward the
SBIC Clients, but this threshold may be waived by the SBIC Clients’ general partners.